A seasoned market analyst claims that Shiba Inu’s double rebound on a crucial support level indicates significant gains for the token.
Shiba Inu’s price dropped to all-time lows of $0.0000238 amid the recent decline in the cryptocurrency market. The cryptocurrency repeatedly tested the $0.0000238 support level throughout the decline, offering a clear sign of strength at this point.
This development was highlighted by analyst SHIB Knight, who noted that it indicates a high demand for Shiba Inus at those levels. To put it simply, a lot of market players think that $0.0000238 is a good value price for Shiba Inus.
Shiba Inu, meantime, had already made a vain attempt to breach the barrier at $0.0000328. The analyst clarified that Shiba Inu has a better possibility of rising to new highs now that the $0.0000238 is established as the primary support.
According to him, the region between $0.0000238 and $0.00003281 serves as a Shiba Inu accumulation channel. At the conclusion of this accumulation, SHIB Knight anticipates a breakout to new highs.
Will Shiba Inus Reach All-Time Highs Again?
Whether the Bitcoin can rise back to its earlier highs is the key question. The coin reached a high of $0.000044 this cycle and as high as $0.00008845 during the previous market cycle’s apex.
Some experts predict that before the Bitcoin halving, Shiba Inu will rise again to all-time highs, riding the recent surge. Some believe Shiba may soon surpass its prior all-time high and that the current low of $0.00002249 represents a good time to buy.
Shiba Inu has recovered with a 7% gain since the latter forecast. As of this writing, the cryptocurrency is trading at $0.0000271, with a trading volume of over $1.77 billion, which is the 12th highest in the entire cryptocurrency market.
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